What is the big deal about pricing your home right to sell? As a home seller, you may be thinking, “Wow, this market is great. There are so many buyers looking for homes they’ll pay anything! I’ll just mark my price up and see what offer I get.”
Unfortunately, this kind of thinking backfires. Even though buyers are looking for homes, they are pretty savvy and know what homes are selling for. Also, their real estate agent will be checking comparable homes to see what your home should be listed for and how your home compares to other homes on the market.
1. An overpriced home will turn many buyers away. They are already feeling the pain of higher interest rates and the ever increasing market value of homes. They are paying more for a home now than ever before. If they see an inflated list price, they may pass on your home without ever stepping a foot inside.
2. An overpriced home will take longer to sell. As buyers pass over this home, the days on market begin to accumulate. Any home that doesn’t sell quickly in this market is a red flag. Buyers wonder what is wrong with the home and pass it up to see more recently listed properties.
3. An overpriced home usually requires a price drop to regain the interest of buyers. This often results in buyers thinking they can get a deal on your home. It’s been on the market awhile and you dropped your price, so you must be motivated now to sell. It’s not unusual to receive an offer for even less than your reduced list price, causing you to lose thousands of dollars in the end.
Setting your list price at market value, or slightly below market value, is the best strategy! This may feel scary, but it will draw in the most buyers and create lots of interest. You don’t want one or two buyers interested in your home. You want multiple offers and buyers competing for your home. This strategy results in the highest price with the best terms.
Be sure to work with an experienced real estate agent to plan the best marketing and listing strategy for your home sale. You don’t want to leave money on the table, and you want your home to sell quickly for the most money.
Set up a free listing consultation with Lisa! (https://lisagrahamrealtor.com/contact/)
By Launch Kits